logo-loader
Mining
AVZ Minerals Ltd

AVZ Minerals to start drilling world-class lithium project in Africa

Potentially one of the largest hard rock sources of lithium in the world.

lithium on the elementary table
20,000 metres drilling in 3 months

AVZ Minerals Ltd (ASX:AVZ) has entered into a contract to complete an initial 20,000 metres of drilling at the Manono Lithium Project in the Democratic Republic of Congo.

The contract covers the initial 20,000 metre phase of a planned 40,000 metre drill program to define the resources at the Kitotolo and Manono Sectors of the Manono project.

The 20,000 metre program is expected to take 3 months to complete.

AVZ is planning to commence the drilling in December, and will initially target the Roche Dure pegmatite, Kitotolo Sector, where recent drilling returned the following results:

- 235 metres at 1.66% lithium oxide from 24.5 metres; and 
- 202.8 metres at 1.57% lithium oxide from 65.5 metres.

Significantly, the results from preliminary drilling indicate that the Manono pegmatites could potentially be one of the largest hard rock sources of lithium in the world.

AVZ’s share price has increased sixfold during the past six months, last trading at $0.207.

READ NEXT: AVZ Minerals shares hit record high on world-class lithium potential

The Roche Dure pegmatite holds potential for significant lithium and tin mineralisation given the expected thickness of up to 220 metres and a potential strike length of circa 2,100 metres.

Earlier in the month AVZ signed a memorandum of understanding with Shanghai Greatpower Industry Co., Ltd for potential investment in the company and off-take opportunities.

Greatpower is headquartered in Shanghai with operations in the Democratic Republic of Congo.

It is an integrated commodity group with a focus on sourcing and producing battery raw materials and products for the battery sector in China.

Quick facts: AVZ Minerals Ltd

Price: $0.05

Market: ASX
Market Cap: $117.51 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

'May only be a matter of time' before Uranium price recovery with...

Mining Capital's Alastair Ford discusses the planned slow down in production from Kazatomprom (LON:KAP). The miner's looking to cut output from its Kazakh mines by around 20% through to 2021. He says that extends the timeframe of its previous production curtailment by a further year, and...

6 hours, 13 minutes ago

2 min read